Gold price update closing session May 2nd: Continuously reversing direction, under a lot of pressure

SJC gold bar price

As of 7:00 PM, SJC gold bar prices were listed by DOJI at 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 7:00 PM, DOJI listed the price of gold rings at 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 163-166 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 6:56 PM, world gold prices were listed around the threshold of 4, 613.4 USD/ounce, up 43.3 USD compared to the previous day.

Gold price forecast

World gold prices are forecast to continue to face many short-term resistances as inflationary pressure returns along with the strong increase in oil prices. This development forces central banks to maintain a more cautious stance in monetary policy management.

In the context that the market previously expected an easing cycle to begin soon in 2026, the current reality shows that the outlook has changed significantly.

Inflation due to rising energy costs makes central banks unable to cut interest rates soon, and even have to consider keeping policies in a state of tightening for longer. This increases the opportunity cost when holding gold - an unprofitable asset.

According to experts' assessment, gold currently not only plays a shelter role but also reacts sensitively to interest rate expectations. When the prospect of interest rate cuts is delayed, the upward momentum of the precious metal is also significantly curbed.

In addition, the global oil supply shock, stemming from tensions in the Middle East, continues to be a factor dominating the market. Escalating energy prices not only pushed inflation up but also put pressure on monetary policy to remain in a "strict" state longer than expected.

However, the long-term foundation of gold prices is still positively assessed. Global gold demand still maintains an upward trend, especially the demand for physical gold investment in Asia. This shows that cash flow still turns to gold as a hedging channel in the context of economic and geopolitical instability.

Mr. Daniel Pavilonis - senior commodity broker at RJO Futures said that the market is still in a cautious state but buying power has not disappeared. According to him, gold's corrections are still tending to be absorbed, reflecting the belief that long-term supporting factors have not changed.

Overall, gold prices may still fluctuate in the short term due to the impact of interest rates and oil prices. However, with the context of increasing global public debt and prolonged geopolitical risks, the long-term upward trend of precious metals is still maintained, although the upward path may be more volatile.